EUR/JPY Remains Bullish, As it Bounces Off MAs - Forex News by FX Leaders
EUR/JPY is forming a wedge on the H4 chart

EUR/JPY Remains Bullish, As it Bounces Off MAs

Posted Tuesday, September 1, 2020 by
Skerdian Meta • 1 min read

EUR/JPY has been trading on a bullish trend, since it turned higher in the first week of May, following comments about the coronavirus recovery fund from the EU, which reached EUR1.35 billion. Initially, the price climbed 10 cents exactly, for about a month.

We saw a pullback during the first half of June, but the pullback ended and the bullish trend resumed again. Since then, EUR/JPY has climbed more than 7.5 cents. Although, a reistance zone formed in the zone around 126.70-80, which rejected the price twice this month.

During the latest bullish move, moving averages have been doing a great job in providing support for this pair during pullbacks lower. yesterday we saw a bounce off the 50 and 100 SMAs, which have been providing support for this pair previously, so the trend is still bullish.

 

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About the author

Skerdian Meta // Lead Analyst
Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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